Oil sector is threatened, NEITI cries out

A Following plans by the United States to exit from oil importation by 2025, the Nigeria Extractive Industries Transparency Initiative (NEITI) has cried out that the oil and gas sector is threatened.

Speaking at a collaborative event between the Miners Association of Nigeria and the Ministry of Mines and Steel Development, the NEITI Executive Secretary, Mrs. Zainab Ahmed, said the organisation must ensure that the management of the depleting revenue is transparent.

She called for increased investment in the mining sector, which is the alternative to the crashing petroleum market.

Speaking, a representative of the Nigeria Export Import (NEXIM) Bank, Mr. Hope Yoyo, said the bank has planned to promote the mining sector.

He said: “NEXIM is willing and ready for the investment of valued-added minerals. We have friends coming from China and other countries.”

The Minister of Mines and Steel Development, Musa Sada, said the association is a key partner of the Ministry of Mines and Steel Development in its efforts at developing the minerals and metals sector of the economy, considering the roles “members of this society play in the development and exploitation of the nation’s mineral resource endowment.”

The Chairman, Miners Association of Nigeria, Alhaji Sani Shehu, said the association has adopted a policy of encouraging the Artisanal and Small Scale miners in the area of documentation for formalisation.

He added: “In the last one year, the association has been operating in a temporary accommodation in Abuja.

“We seek the support of the major operators in the industry for financial and material contributions towards the actualisation of our laudable goals for securing a decent accommodation.”